View Policies Current Attempt in Progress Wildhorse Limited exchanged equipment that it uses in its manufacturing operations for similar equipment that is used in the operations of Swifty Limited. Wildhorse also paid Swifty $3,100 in cash. The following information pertains to the exchange Equipment (cost) Accumulated depreciation Fair value of equipment Wildhorse $51.000 31.500 26,000 Swifty $56,500 20,000 29,100 Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined to have commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Wildhorse Limited Account Titles and Explanation Credit Debit Ement Accumulated Depreciation Equipment Equipment Swifty Limited Account Titles and Explanation Debit Crexit Question 2 of 9 > - / 10 Cash Swifty Limited Account Titles and Explanation Debit Credit Equipament Loss on Disposal of Equipment Accumulated Depreciation - Equipment Equipment eTextbook and Media List of Accounts Prepare the journal entries to read the change on the bank of both nanin Question 2 of 9 /10 IT Prepare the journal entries to record the exchange on the books of both companies, assuming the exchange is determined not to have commercial substance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. i no entry is required, select "No Entry for the account titles and enter for the amounts.) Wildhorse Limited Account Titles and Explanation Equipment Debit Credit Accumulated Depreciation Equipment Equipment Cash Swifty Limited Account Titles and Explanation Debit Crexit Cash Equipment Loss on Disposal of Equipment Accumulated Depreciation Equipment Equipment e Textbook and Media Assistance Used List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Leasehold Improvements Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Advertising Expense Asset Retirement Obligation Buildings Cash Common Shares Contributed Surplus Contributed Surplus - Donated Capital Cost of Goods Sold Deferred Revenue - Government Grants Deferred Revenue - Government Grants Depreciation Expense Donation Revenue Equipment Finance Expense Finance Revenue Gain or Loss in Value of Investment Property Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Machinery Gain on Disposal of Vehicles GST Payable GST Receivable Interest Expense Interest Income Interest Payable Interest Receivable Inventory Investment Property estion 2 of 9 Land Land improvements Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Land Loss on Disposal of Machinery Loss on Disposal of Vehicles Machinery Repairs and Maintenance Expense Mineral Resources Mortgage Payable No Entry Notes Payable Notes Receivable Office Expense Owner's Drawings Prepaid Expenses Prepaid Insurance Profit on Construction Purchase Discounts